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Author Topic: Banks offering only 1.3% interest rates for Savings Account  (Read 478 times)
jekjekman
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November 10, 2017, 11:13:27 PM
 #21

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?

Yes it is true even you think that is a joke as a Bank will not be loser at all cost, it is just like you fool yourself to give them your money that you can't get anytime you want and yet it is losing value overtime because of inflation, most of the people that wants to save money do that kind of thing because they think that they can really benefit from it but it's the reverse.

Bitcoin is much more better for investment compare to the Banks that the only intention is to consume the money of people that trust them because of so many hidden charges and fees.

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November 10, 2017, 11:30:06 PM
 #22

Putting big money on a bank is really useless for me and don’t expect to earn big profit. Instead diversify your portfolio to gain more profit, it’s really true that bitcoin offers low interest rate that can be result to devaluation of you money due to inflation rate.

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November 10, 2017, 11:46:29 PM
 #23

Here in my place, inflation rate is much higher compare to interest rate that banks offer so if you are wise enough then don’t put much money on the banks, you will loose some money because of inflation.

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November 11, 2017, 02:25:26 AM
 #24

1.3% is a loss after even the official inflation rates. Realistically, 1.3% is a horrible loss.

And as far as fiat being risk free? Hardly. Just look at how different currencies fluctuate. The CAD lost over 6% against the USD recently.

Eventually enough people will figure out that fiat isn't really worth anything, and the little value it has loses purchasing power daily. Investors already know this. When the masses figure it out, they'll join the investors in finding places to park their money better than a bank.

While I've been skeptical about asset-based ICOs, they could play a very real role there. That is, for example, in a real estate token, you could dump fiat into it and have, just for example, say 0.025% of a house, or a small fraction of a commercial building. While they're still subject to market prices, real estate (in some places) only goes up, and does so well ahead of inflation. That would be a good place to park wealth in for people with little capital. No large investments, and just that token to show ownership.




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November 11, 2017, 03:44:05 AM
 #25

I think the bank will pay you far less than a mortgage rate so they make money. That's really what it comes down to. Mortgage rates are low, so 1.3% is the most they'll do? What a useless meaningless number. It's worse than nothing because you're losing buying power. You've come to the right place to beat inflation.














 

 

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Yakamoto
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November 11, 2017, 03:57:49 AM
 #26

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
It's about the same to be honest, there is typically little in excess of 1.5% if you're lucky, there is maybe one instance I can think of that does have closer to 2% but you have to deposit a certain monthly amount into the account in order to maintain the interest rate, otherwise it drops and you don't have the same interest rate, it becomes lower than 1.3% if I am remembering the deal correctly.

I know there are some investments that I could be making more use of which would be returning close to 8% or 10% yearly, but I haven't looked into them yet and they're fairly new, so there's no good indicators as to their longevity.














 

 

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xYakult
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November 11, 2017, 05:09:12 AM
 #27

You are actually lucky to have 1.3% interest rates for a Savings Account in your country! Imagine on our country, our highest as of the moment is estimated at 0.75% only excluding tax rates  Cry It is literally putting your money down the drain since it does not earn enough interest to beat or even ride along with the inflation rate. Since our country is a third world country and people here are traditional and conservative when it comes to their finances, they all think that saving money in the bank is enough for their retirement in the future.

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November 11, 2017, 10:51:53 AM
 #28

It's partly stupid low interest rates that make me interested in crypto. I have loaned out my coins on Poloniex for 0.1% per day - I highly recommend the CoinLend bot for that (it's free).

Currently I'm looking hard at Bitcore (BTX) - it gives an airdrop of 3% every Monday. I have a few $100 in it and so far it has been a good payer. I'm tempted to go all in..

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November 11, 2017, 06:25:09 PM
 #29

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
It's about the same to be honest, there is typically little in excess of 1.5% if you're lucky, there is maybe one instance I can think of that does have closer to 2% but you have to deposit a certain monthly amount into the account in order to maintain the interest rate, otherwise it drops and you don't have the same interest rate, it becomes lower than 1.3% if I am remembering the deal correctly.

I know there are some investments that I could be making more use of which would be returning close to 8% or 10% yearly, but I haven't looked into them yet and they're fairly new, so there's no good indicators as to their longevity.
Egypt actually has insanely high interest rates, something like 10% or more if I recall correctly. That's not going to be sustainable for them though, and the people of Egypt will likely suffer the consequences in the future.

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November 11, 2017, 06:28:28 PM
 #30

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?

Yes I think that 1.3% is a joke and not enough because the banks will be earning at least 10% on your money, but unfortunately you cannot cut out the middle man, the bank also offers security so it's effectively a risk free investment and that is why people are so willing to accept a low rate.

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November 11, 2017, 06:37:57 PM
 #31

Here in my place, inflation rate is much higher compare to interest rate that banks offer so if you are wise enough then don’t put much money on the banks, you will loose some money because of inflation.

In our country as well inflation is at much higher rate than the bank interest rate. Now people are really worried because of this as actually they are in a loss as inflation eats up their savings as well and bitcoin is providing some hope to all the people that their investment will be fruitful in the coming time.

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November 11, 2017, 06:57:45 PM
 #32

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
It seems to me that you live in a country where there is no inflation. This is probably Paradise. Such interest should be enough with great difficulty to cover the losses from inflation. Maybe it's the rate per month? Tell me where is heaven on earth? Seriously it seems to me that is robbery. The banks are bullying people. You did not ask by what percentage the Bank gives a loan? You can be profitable to take a loan and buy bitcoin now?

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November 11, 2017, 07:21:35 PM
 #33

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?

Which country you are living i dont know but here in my country the interest rate for Savings Account is 3 or 4% for national bank and some private banks are giving upto 6 to 7% interest rate if you keep balance in your savings account.

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November 11, 2017, 07:34:37 PM
 #34

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.

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November 11, 2017, 07:44:41 PM
 #35

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?

I think that is pretty good for what banks give out I think at mine the average account has 1% and top accounts have like 3-4% but still it isnt much in the end. 1% doesnt even beat inflation if I were you I would have laughed and left that place right then and there. This is why banks will get phased out once people get smarter and learn to invest in ways that can help themselves they will stop using banks as much as possible.
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November 11, 2017, 07:47:16 PM
 #36

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.
The interest on bank deposits is guaranteed, while Bitcoin is very risky. That's why it's so low. But inflation considered only people who don't understand money would save in bank accounts instead of buying other assets of varying liquidity.

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November 11, 2017, 08:52:27 PM
 #37

I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
Hah. You're at least getting 1.3%,be happy I should say.  The banks in the country that I live in provides interest of 0.2% per annum,that sucks and unfortunately I don't have a choice but to have a bank account with that bank because of my company's dealing with the bank, to have their own employees salary account in the bank and in return, the bank will provide overdraft facility and a few more premium facilities. Which brings me to cryptos, where you can trade and invest that money and get way way more then the 0.2% interest. Hell, I can even get double the rate of my investment. So if you want to go for that 1.3%,you can go, but from my point of view you can make a better use of that money.

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November 11, 2017, 09:34:11 PM
 #38

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.
The interest on bank deposits is guaranteed, while Bitcoin is very risky. That's why it's so low. But inflation considered only people who don't understand money would save in bank accounts instead of buying other assets of varying liquidity.

Yes and meanwhile the banks use people's money to make decent profit for them and share only little percentage... I believe if there were more concurrency of banks it would be better even with fiat investments. This way banks should compete among themselves to offer the best rates for investors.

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November 11, 2017, 09:48:07 PM
 #39

Of course it's a joke to give you 1,3% per year while the inflation eats around 10% every year! I would confront her and say so you give me 1,3% and the inflation eats around 10% within one year and I will have lost 8,7%! Bitcoin and other successful crypto currencies had winning rates of hundrets or even over thousand per cent within this year and this clearly confirms what a fraud scheme banks are!

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November 11, 2017, 10:00:28 PM
 #40

Keep in mind that the banking system became (sine the monetary revolution in the last century) a culture. Yes it's a culture of holding funds in the bank and we will get profits. Even we dont get it, but we are still convinced that the banking system is worthy safe and out of fraud, and that's what make banks profits from the funds depostied. Banks succeeded to install background culture that the bank is the safest place on earth to store everything then start raping people that their vision (culture) started to be the only solution. By now, that ideological power has started to be discussable in large perspectives with the rise of cryptocurrency as a real store of value.

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